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<Research>BOCI: Near-term Volatility in Oil Prices Intensifies
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After the assassination of Iran's Supreme Leader Ayatollah Ali Khamenei by Israel and the US, Iran launched a series of retaliatory attacks on Israeli and US military bases in the Middle East, BOCI's report said. Iran even announced the closure of the Strait of Hormuz. Meanwhile, to counter the potential short-term spike in oil prices given Iran's actions, OPEC+ agreed to raise its oil production target by 206,000 bpd in April. Owing to the abrupt war outbreak in the Middle East, oil prices may ascend in the near term, the report said. The closure of the Strait of Hormuz is a paramount factor as it affects the transportation of 10-12 million bbl/ day. However, investors should note that if the current crisis is resolved, oil prices will quickly ebb back, because there is already an enormous oversupply in the oil market. Long-term investors should consider locking in profits with Chinese oil giants when the current tensions de-fuse. AASTOCKS Financial News Website: www.aastocks.com |
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